Discovery
John Mulder, metal detecting on beach
Planchet
10c nickel (discontinued 1980)
Mintage Context
66 million R2 coins struck in 1989
Rarity
1 in 66 million, possibly unique
1989 R2 Overstrike Error
A modern numismatic sensation – a 1989 R2 coin struck on a 10c planchet, the only known example, verified by the South African Mint. Described as "one in 66 million" and the decimal equivalent of the legendary 1898 single 9 overstrike Krugerpond.
Key Facts
- Found on a beach with metal detector
- Struck on 10c nickel – 9 years after 10c discontinued
- Escaped Mint quality control
- Circulated, then lost on beach
- Unique – no other examples known
Discovery – A Beach Find
John Mulder, former owner of Coins International and a Plettenberg Bay numismatist, uncovered the coin decades ago while treasure hunting with a metal detector on a beach. At a quick glance, it resembled a standard coin and was lost on a beach – only to be "rescued" from oblivion by Mulder, a hobby he pursued for many years
Mulder first diagnosed it as an overstrike – a coin struck over a previously struck coin, using the older coin as the new coin's blank. He kept the coin for decades, only recently realizing its potential value after seeing the record sale of the 1898 "single 9 overstrike Krugerpond" for R41 million
"I scoured the press for several decades, and nobody ever reported the loss of the coin, and nobody reported finding a similar coin." – John Mulder /p>
Technical Details – One in 66 Million
What Was Intended
- Coin: 1989 R2 (2 Rand)
- Mintage: Approximately 66 million R2 coins struck in 1989 /li>
What Actually Happened
- Planchet used: 10c nickel coin
- Note: The 10c coin had been out of production for nine years /li>
- Discovery clue: "Its weight was the first confirmation that something was amiss" /li>
Described as akin to a "hole-in-one", it could be a grand slam for SA numismatics. "No other South African legal tender currency coin escaped as many pitfalls as has this R2 overstrike coin," said Mulder
The coin escaped detection by Mint controls and disappeared at the bottom of the pile, looking like a medieval hammer-struck coin. It spent some time in circulation without being discovered by the public
Verification – South African Mint Officials' Visit
At a rarity of one in 66 million, the coin is so rare and mysterious that two South African Mint officials had to make a surprise home visit to verify its existence
They documented that the 1989 R2 coin was overstruck on a 10c nickel coin, nine years after the 10c coin went out of production – adding to the mystery
John Mulder has stated: "If it is not unique and not the rarest SA numismatic coin, I certainly would like to know which coin holds that position?" /p>
The 1899 Single 9 Overstrike Comparison
Mulder noted that history repeated itself after a century with this R2 overstrike coin. He described it as the "distant relative of the British pound and the decimal equivalent of the 1898 'single 9 overstrike Krugerpond' which recently sold for a staggering R41m"
The 1899 "Single 9" Krugerpond is one of the most famous South African rarities, created when a 1898-dated die was overstruck with a single "9" to update the date. The comparison places the 1989 R2 overstrike in the highest echelon of South African numismatic rarities.
Potential Value
Now in his nineties, Mulder has disposed of some assets from his Coins International days, which he closed in the late 1980s. "When I saw the price fetched by the 1899 single 9 overstrike, I imagined this may be a good time to test the market with this R2 overstrike," he said
Given the comparison to the 1899 single 9 overstrike (R41 million) and its unique status, the 1989 R2 overstrike could command a seven-figure price when offered to the market. As Mulder put it: "A rare coin with such an elusive history of evading detection deserves preservation in a collection of famous coins"
Sources
- The Citizen. "Plettenberg Bay collector uncovers ultra-rare 1989 R2 overstrike coin" (22 November 2025)
- Knysna-Plett Herald. "Ching-ching for rare R2 coin" (20 November 2025)
- ShowMe Plett. "One in 66 Million: South Africa's Rarest R2 Coin" (November 2025)
- Personal communication, John Mulder (2025).